POSCO's India project receives clearance

Mumbai: South Korean steel major POSCO's proposed Rs52,000 crore ($12.8bn) project near Paradip has received a environmental clearance for construction of a dedicated port. Clearance for the port- to be built at the mouth of the Jatadhari creek, had been curtailed upon concerns by politicians and environmentalists of affecting traffic at Paradip port.

"These (port and mine) are basic needs without which you cannot survive in global business," POSCO-India md and chairman Soung-Sik Cho told local newspapers stressing that the port was integral to the project. POSCO is expected to begin construction of the port immediately. The project would see the development of export quality steel.  [22/05/07]